Programmes & schemes for market expansion
Singapore’s Bilateral Agreements with South Korea
Singapore–Korea Double Tax Avoidance Agreement (DTA)
DTAs provide relief from double taxation in the situation where income is subject to tax for both countries.
Mutual Recognition Agreement (MRA)
MRAs reduce barries to trade by easing customs clearance for exports between both countries.Under the MRA, South Korea's Customs Service will recognise goods exported by Singapore’s certified companies under the Secure Trade Partnership programme as being of lower risk. Likewise, Singapore Customs will recognise goods exported by South Korea's Authorised Economic Operator companies as being of lower risk.
Korea–Singapore Free Trade Agreement (KSFTA)
The bilateral KSFTA signed between Singapore and South Korea enhances Singapore-based companies' access to the vast Korean market and further boosts bilateral trade and investment.
Free Trade Agreements are treaties which make trade and investment between two or more economies easier. In addition to tariff elimination, the KSFTA provides a more open and predictable business environment across a range of areas in both countries.
ASEAN–Korea Free Trade Area (AKFTA)AKFTA eliminates tariffs for 80% of the goods traded between ASEAN and South Korea to facilitate flow of goods between member countries.
AKFTA allows for back-to-back shipment of goods within member countries, third-party invoicing of goods, and ASEAN cumulation to make it easier for member countries to meet the criteria for preferential treatment. It safeguards market access and ensures a more predictable operating environment for service providers and a secure environment for investors.
Korea–Singapore Digital Partnership Agreement (KSDPA)The KSDPA is Singapore’s first Digital Economy Agreement (DEA) with an Asian country. DEA is an overarching agreement for deeper cooperation in the digital economy between both countries to shape international rules, establish interoperability between digital systems, and address frontier issues from emerging technologies.The KSDPA aims to strengthen existing disciplines in the Korea–Singapore Free Trade Agreement (KSFTA) E-Commerce chapter by boosting bilateral cooperation in trade facilitation, digital identities, fintech and e-payments, among others.